The cost of transactions on Ethereum L2s has been reduced by almost 99%. This has happened thanks to Ethereum blobs.
Let’s see what they are and why they enable this wonderful phenomenon.
What are blobs
Blobs are one of the changes introduced to the Ethereum blockchain that have come into effect after the latest update.
They are the mechanism for storing transaction data outside the blockchain.
Before this update, when a transaction was carried out, it was included in a block along with its data, such as the sender and receiver, the amount of cryptocurrency or token being sent or the type of transaction. All the blocks form the blockchain.
In contrast, with this update, the transaction data does not reside in the block, but is in the blob, which stores it outside the blockchain. So what is in the block is a link to the blob, but not the data itself.
Why they make transactions cheaper
The price of transactions depends on the demand and the speed at which they are processed.
If there is a lot of demand for transactions, people who want to make a transaction have to compete to get their transaction done before others. In order for your transaction to be given priority, you have to pay more than others, so the higher the demand, the higher the price you have to pay for your transaction to go through.
What blobs achieve is to increase the speed of transaction processing considerably.
By storing transaction data outside the block, the size of the block is reduced (because the information it contains is smaller) and the data that the nodes have to process and store is reduced.
This means that you need fewer computational resources to process transactions, and more transactions can be processed per second.
Thus, with the same demand and a higher transaction processing speed, the price of each transaction decreases.
At the same time, a market has been created for this new transaction format (those using blobs), so that people who want to carry out this type of transaction only compete on price with those who want to do the same type of transaction and not with people who want to do traditional transactions.
This has also helped to lower the price per transaction.
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